Asian Economic and Financial Review

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Online ISSN: 2222-6737
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No.6

Possibilities for Development by Local Government with Partnership of Global Capital: A Concept For Benchmarking The Sustainable-Megacity


Pages: 723-740
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Bilal Ahmed 
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Bilal Ahmed  (2012). Possibilities for Development by Local Government with Partnership of Global Capital: A Concept For Benchmarking The Sustainable-Megacity. Asian Economic and Financial Review, 2(6): 723-740. DOI:
The model of economic development, in general faces the dilemma of resource scarceness and the manageability of required output from limitation of resources would be challenging task for policymakers. Therefore, development of megacity which could franchise the demands of economic development is an important element. Hence, we reached on this conclusion that, sustainable megacity is the essential ingredient of economic development. This paper addresses the role of local government in coordination with provincial and federal government for the development of sustainable megacities by utilizing the assistance of global-capital. We tried to address degree specific 132 indicators to construct the benchmark for megacity which could describe the sustainability level of megacity that how and by which process the same transaction is possible or implementable.

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The Impact of Mercantilism on Macroeconomic Exposures of Business in Nigeria: Implications for Economic Policy


Pages: 713-722
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The Impact of Mercantilism on Macroeconomic Exposures of Business in Nigeria: Implications for Economic Policy

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Imoisi Anthony Ilegbinosa, Uzomba Peter Chika, Nikade Tarila 
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Imoisi Anthony Ilegbinosa, Uzomba Peter Chika, Nikade Tarila  (2012). The Impact of Mercantilism on Macroeconomic Exposures of Business in Nigeria: Implications for Economic Policy. Asian Economic and Financial Review, 2(6): 713-722. DOI:
The paper examined the impact of mercantilism ideology on macroeconomic exposures of business in Nigeria. This was prompted by the sluggish growth and poor performance of businesses in Nigeria. In order to probe into this issue, an attempt was made to investigate the relevance of mercantilists??? contributions to the Nigerian business activities by discriminately considering macroeconomic exposures, which is operationally defined as the business environment. For this issue to be addressed, questions on how macroeconomic exposures such as personal income tax, company income tax, unemployment rate, GDP per capita, per capita income, money supply and lending rate have impacted on business in Nigeria was raised. For the sake of empirical evidence, those macroeconomic exposures appealed to some secondary data by proxy. The findings ensued from the analysis are that the contributions of mercantilists are relevant to macroeconomic exposures of business in Nigeria because their business philosophy is in line with realities on Nigerian business environment. However, unemployment rate as a macroeconomic exposure did not conform to the philosophy of mercantilism. Arising from the foregoing, it was concluded that if the Nigerian business world should look inward and harness the available economic resources, then the ideas of the mercantilism are likely to be totally relevant. Based on this, it was therefore recommended that the Nigerian Government should initiate economic policies that could encourage sectoral protection.

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Improvement of Firm Performance by Achieving Competitive Advantages through Vertical Integration in the Apparel Industry of Bangladesh Shah Moahmmad Tanvir Monsur. Yoshi Takahashi


Pages: 687-712
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Improvement of Firm Performance by Achieving Competitive Advantages through Vertical Integration in the Apparel Industry of Bangladesh Shah Moahmmad Tanvir Monsur. Yoshi Takahashi

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Shah Moahmmad Tanvir Monsur, Takahashi Yoshi
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Shah Moahmmad Tanvir Monsur, Takahashi Yoshi (2012). Improvement of Firm Performance by Achieving Competitive Advantages through Vertical Integration in the Apparel Industry of Bangladesh Shah Moahmmad Tanvir Monsur. Yoshi Takahashi. Asian Economic and Financial Review, 2(6): 687-712. DOI:
In the manufacturing step of the global apparel value chain (GAVC) the firms face fierce competition due to availability of low cost labor and hence the opportunity to make higher profit is a tough job. According to Gereffi (1999) a good strategy to overcome this problem is industrial up-gradation through value chain which resembles vertical integration strategy in the study of strategic management. The major theories on strategic management like Porter???s generic competitive strategy, resource based view and capability based view advocates that industrial up-gradation or value chain integration gains competitive advantages for the firms. But no study done on GAVC has neither discussed what should be the relevant competitive advantages for apparel manufacturing firms on the basis of above mentioned theories nor empirically showed how industrial up-gradation can gain competitive advantages and improve firm performances. Therefore, this study has picked up the variables for competitive advantages examining the above mentioned important theories and linked industrial up-gradation and competitive advantages and subsequently with firm performances.  This study has done a survey on 180 apparel firms in Bangladesh and by using structural equation modeling it found that industrial up-gradation through value chain has positive influence on competitive advantages and competitive advantages has significant positive influences on firm performances. By analyzing the result, this study recommends the apparel manufacturers in Bangladesh that  they should allocate the physical resources and build up human resources in such a way that in future they can vertically integrate. The firms must not stick to the strategy of reduction of labor cost rather they should also try to pursue for other competitive advantages like time, quality, reliability and flexibility.  In this way the firm performances would be improved.

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Causality between Oil Consumption and Economic Growth in Iran: An Ardl Testing Approach


Pages: 678-686
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Causality between Oil Consumption and Economic Growth in Iran: An Ardl Testing Approach

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Gudarzi farahani, Yazdan, Sadr Seyed Mohammad Hossein 
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Gudarzi farahani, Yazdan, Sadr Seyed Mohammad Hossein  (2012). Causality between Oil Consumption and Economic Growth in Iran: An Ardl Testing Approach. Asian Economic and Financial Review, 2(6): 678-686. DOI:
Oil is also very important for the Iran???s economic growth. This paper studies the causal relationships between oil consumption and economic growth for Iran using cointegration and error correction model from annual data covering the period of 1980-2010. As economic growth and oil consumption variables used in empirical analysis was integrated of order one, employed Granger causality test. The results show that in the short-run, the Granger causality runs from economic growth to energy consumption In Iran. However, in the long run there is not any Granger causality relationship for this country. In other words, if unidirectional causality runs from energy consumption to income, reducing energy consumption could lead to a fall in economic growth.

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The Impact of the Exchange Rate Fluctuations on Pakistan’s Export Sectors: An Empirical Analysis Based on the Sectorial Data


Pages: 658-677
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The Impact of the Exchange Rate Fluctuations on Pakistan’s Export Sectors: An Empirical Analysis Based on the Sectorial Data

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Abid Ali Shah, Iftikhar Mehboob, Syed Hassan Raza 
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Abid Ali Shah, Iftikhar Mehboob, Syed Hassan Raza  (2012). The Impact of the Exchange Rate Fluctuations on Pakistan’s Export Sectors: An Empirical Analysis Based on the Sectorial Data. Asian Economic and Financial Review, 2(6): 658-677. DOI:
This study examines the relationship between the exchange rates and the export sectors of Pakistan. The objective is to study the empirical relationship between the exchange rates and the export sectors. The analysis was conducted on the sectorally segregated monthly data of the exports from July 2003 to April 2010 with nominal exchange rates. The empirical estimation has been resorted to detect both the effects of the nominal exchange rates and the respective volatility of the exchange rates on the export sectors. For the estimation of the long run relationship cointegration and an autoregressive time series regression models are used while generalized autoregressive conditional heteroskedastic methodology has been used to estimate the effects of the exchange rates volatility on export sectors. The results of cointegration and ordinary least square revealed a significant longrun relationship between exchange rates and export sectors, which confirmed that the depreciating currency in case of Pakistan improves the competitiveness of the export sectors, while there is an evidence of volatility effects on the export sectors

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An Analysis of Interest and Exchange Rates Effect on the Nigerian Economy: 1975 - 2008


Pages: 648-657
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An Analysis of Interest and Exchange Rates Effect on the Nigerian Economy: 1975 - 2008

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Anthony Ilegbinosa Imoisi, Uzomba Peter Chika, Olatunji Lekan Moses 
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Anthony Ilegbinosa Imoisi, Uzomba Peter Chika, Olatunji Lekan Moses  (2012). An Analysis of Interest and Exchange Rates Effect on the Nigerian Economy: 1975 - 2008. Asian Economic and Financial Review, 2(6): 648-657. DOI:
The study examines the impact of interest and exchange rates on the Nigerian economy from 1975-2008. Data for the variables were collected from the CBN statistical bulletin. The study employs the ordinary least square (OLS) technique in the analysis but due to the fact that data are not stationary, a unit root test was employed; it further resorted to co-integration analysis which establishes the existence of a long run relationship between the variables in the models. From our findings we discovered that an increase in interest rate retards investment and subsequently economic growth; and the lag one of exchange rate shows the expected positive sign, implying that depreciation in exchange rate retarded growth from 1975 to 2008. Thus, interest and exchange rates exerted negative impact on the Nigerian economy during the period under review. Consequent upon this, the study therefore recommends among others; that interest and exchange rates should be given due consideration, because a competitive and stable interest and exchange rates will stimulate growth through investment, will strengthen the commercial policy of the country and diversify the productive base of the economy.

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